NEW YORK, Aug. 15, 2016 /PRNewswire/ -- Avon Products,
Inc. (NYSE: AVP) (the "Company" or "Avon") announced today that Avon
International Operations, Inc., Avon's wholly-owned subsidiary (the
"Issuer"), completed the offering of $500,000,000 in aggregate principal amount of its
7.875% Senior Secured Notes due 2022 (the "Notes").
Jim Scully, Executive Vice
President, Chief Operating Officer & Chief Financial Officer of
Avon, stated, "The completion of
this financing is another important milestone in our efforts to
increase our financial resiliency and provide us with the
appropriate capital structure to execute our transformation plan.
We are pleased with where we sit today from a net leverage
perspective and remain confident in our transformation plan, which
we believe positions Avon for long
term profitable growth."
The Notes were offered and sold only to qualified institutional
buyers in the United States
pursuant to Rule 144A under the U.S. Securities Act of 1933, as
amended (the "Securities Act")and outside the United States to non-U.S. persons pursuant
to Regulation S under the Securities Act. The Notes will not be
registered under the Securities Act, and may not be offered or sold
in the United States without
registration under the Securities Act or pursuant to an applicable
exemption from such registration.
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and does not
constitute an offer, solicitation or sale of any security in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Forward-Looking Information
In addition to historical information, this release contains
forward-looking statements that are not historical facts or
information may be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
"estimate," "project," "forecast," "plan," "believe," "may,"
"expect," "anticipate," "intend," "planned," "potential," "can,"
"expectation," "could," "will," "would" and similar expressions, or
the negative of those expressions, may identify forward-looking
statements. Such forward-looking statements are based on
management's reasonable current assumptions, expectations, plans
and forecasts regarding the Company's and the Issuer's current or
future results and future business and economic conditions more
generally. Such forward-looking statements involve risks,
uncertainties and other factors, which may cause the actual
results, levels of activity, performance or achievement of the
Company or the Issuer to be materially different from any future
results expressed or implied by such forward-looking statements,
and there can be no assurance that actual results will not differ
materially from management's expectations. Therefore, you should
not rely on any of these forward-looking statements.
Additional information identifying such factors is contained in
Item 1A of Avon's Annual Report on
Form 10-K for the year ended December 31,
2015, Avon's Quarterly
Report on Form 10-Q for the quarter ended June 30, 2016, and other reports and documents
that Avon files with the U.S.
Securities and Exchange Commission. Avon undertakes no obligation to update any
forward-looking statements.
All forward-looking statements contained in this release are
qualified in their entirety by this cautionary statement.
Forward-looking statements speak only as of the date they are or
were made, and Avon does not
intend to update or otherwise revise the forward-looking statements
to reflect events or circumstances after the date of this release
or to reflect the occurrence of unanticipated events, except as
required by law.
About Avon Products, Inc.
Avon is the company that for
130 years has proudly stood for beauty, innovation, optimism and,
above all, for women. Avon
products include well-recognized and beloved brands such as ANEW,
Avon Color, Avon Care, Skin-So-Soft, and Advance Techniques sold
through nearly 6 million active independent Avon Sales
Representatives.
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SOURCE Avon Products, Inc.